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Like China and India, Southeast Asian countries have increased their exploration and production for oil and gas, partly because of energy needs and partly because of the lure of big profits. World Oil researched the latest oil E&P activities in the region and summarized the big trends. Here’s a look.
Vietnam is increasing E&P to raise national revenues, to offset heavy gasoline imports, and to reverse an 8.3% decline in oil production that began in 2007. And as World Oil reported in January 2008, Hanoi is headed into deep water to raise production, but in 2007 and ’08, the energy majors and scores of small to mid-sized companies flocked to Vietnam to begin squeezing all they can from its shallows and river deltas.
Says John Vautrain of energy consultants Purvin & Gertz in Singapore, “The majors have pretty much pulled out of Southeast Asia. Sure, they’re still there and producing and doing some E&P, but it’s much more ‘little guy territory’ now.”
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